Canada, UK reaffirm climate finance commitments at COP31

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Canada, UK renew climate finance

Highlights

Canada and the UK reaffirm commitments to raise climate finance for developing countries to at least U.S.$1.3 trillion annually by 2035, with developed nations mobilizing U.S.$300 billion per year.
Canada commits over CAD$13 billion in climate-related support for developing countries for the next five years, while the UK announces around £6 billion in official development assistance climate finance over the next three years.
FinDev Canada, British International Investment, and Norway's Norfund aim to collectively mobilize U.S.$10 billion in climate finance by 2030, signaling deeper cross-border development finance cooperation.

Commitments outlined at COP31

As reported by Canada.ca, the joint statement from Canadian Environment Minister Julie Dabrusin and UK Climate Transition Minister Katie White says both governments remain committed to the New Collective Quantified Goal agreed at COP29 and to their obligations under Article 9 of the Paris Agreement.

The ministers say the framework calls for climate finance to developing countries to rise to at least U.S.$1.3 trillion annually by 2035 from all sources, with developed countries leading efforts to mobilize at least U.S.$300 billion a year. They also link their approach to the COP30 call to triple adaptation finance by 2035 and stress that private capital must play a larger role alongside public funding.

Canada says it has delivered more than CAD$14.3 billion in international climate finance since 2015 and in April set a new goal of more than CAD$13 billion in climate-related support for developing countries over the next five years. The government says that package combines grants, concessional loans, multilateral development bank finance, FinDev Canada funding and mobilized private capital.

The UK says its international climate finance has supported 159 million people in adapting to climate change since 2011 and helped reduce or avoid 201 million tonnes of greenhouse gas emissions. It says it delivered £12.8 billion in international climate finance between 2021–2022 and 2025–2026 and has now announced around £6 billion in official development assistance climate finance over the next three years, alongside £6.7 billion in public finance through UK-backed non-official development assistance investments.

Development finance and market implications

The statement also highlights sector-specific funding ahead of future international meetings, including ocean finance before the Our Ocean Conference in Canada next year. The UK cites £27 million of new Blue Planet Fund investment announced in 2026, while Canada points to CAD$14 million for the Ocean Risk and Resilience Action Alliance.

Both governments also welcome a separate move by their development finance institutions, FinDev Canada and British International Investment, together with Norway's Norfund, to work more closely on climate finance with the aim of collectively mobilizing U.S.$10 billion by 2030.

The ministers frame climate investment as both a fiscal and economic policy issue, arguing that resilience spending can cut future losses, support energy security and strengthen growth. They also call for broader reforms to multilateral development banks and climate finance systems to improve access and speed for poorer and more vulnerable countries.

Earlier, we discussed Canada’s COP31 agenda, including its five-year $13 billion climate finance pledge for developing countries.

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